Facts: They already have 21 percent of consumer discretionary purchasing power (or about $1.3 trillion) and influence many purchase decisions made by Generation X and baby boomers.

Myth No. 2: Millennials are a selfish generation that only care about themselves

Facts: They are interested in making a difference and are more likely than non-millennials to support a friend or family in causes they care about. They are also more likely to donate their time than non-millennials.

Secrets to creating more millennial brand love

Millennials want to be active participants in your brand. They want to be part of it. The brands that figure out how to do this will win. Here are a myriad of ways that brands can embrace the "participation economy":

1. Co-create products, services and experiences

Millennials not only want a say in creating their optimal brand, but also how they experience that brand. Allow them to co-create and you’ll be amazed by their interest, ideas and engagement.

2. Leverage technology within their brand authority

Millennial-mindset consumers know that “Useful is the new cool” and great brands are simplifying the consumer journey and creating added value consistent with their brand authority. Nike is a perfect example of this. Nike started in 1964 simply as a distributor for a Japanese shoe company. Instead of just selling shoes, they have decided to reinvent their company, becoming the authority for athletic footwear and apparel. Now their mission is to bring inspiration and innovation to every athlete through products and sponsorships well beyond footwear.

3. Act with authenticity

Millennials expect more honest and genuine behavior from today’s great brands. #Enoughsaid.

4. Engage in transparency

Millennials want brands to admit errors, attempt to share more and hide less, and be act like “friends” they would trust, which is often difficult for CEOs who grew up in a different era. Brands like Chipotle have done a great job in this arena and have scored big with millennials because of it.

5. Stand for a purpose that is beyond the products you sell

If you stand for more than your bottom line, millennials will more favorably view your products/services. If you stand for nothing but your bottom line, you limit your potential. Millennials care about causes and are actually more likely to show a preference toward companies that support causes — even if it means paying more for that company’s product.

6. Act like a conscious capitalist

Making a profit is a good thing, but being sensitive to the entire business eco-system, including your employees, vendors, and the environment, is even better in the eyes of millennials.

7. Treat your consumer as your partner, not your target audience

Millennials don’t want to be treated like a target audience and expect to have a shared voice in your brand planning and activation. Stop thinking target audience and start thinking consumer partner.

8. Know millennial employee love is required

Great brands like Google, Amazon, Chipotle and Target are keenly aware of the importance of tapping into employee brand passion. Many of your front-line employees are millennials. Creating extraordinary passion with your employees increases the odds your consumers will feel their enthusiasm.

What is the new definition of brand value?

Only high participation/high shareworthy brands will enable surprise and delight

Many of the most loved brands — Warby Parker, Ball Jar, Tom Shoes — create surprise and delight by being high participation and high shareworthy at the core.

Uniqueness impacts your pricing authority

A final key factor in this is your ability to maintain a healthy operating margin while serving your new consumer partner. In order to do this, you have to have uniqueness. The challenge for brand strategy professionals is to determine what’s no longer unique before consumers get bored.

Meaningfulness drives your sales volume potential

Does your brand create meaning for me as a consumer? Is it something deeper than the product you sell? For example, Chipotle stands for “Food with integrity” and consumers will pay a small premium in both time (standing in line) and money for products from a company that adds meaning.

Jeff Fromm is president of FutureCast, a millennial trends consulting firm. He also is lead editor of www.millennialmarketing.com and co-author of the book "Marketing to Millennials: Reach The Largest & Most Influential Generation of Consumers Ever." #viewsaremine.